Luke Xiao, fintech partnership lead at Offchain Labs, the developer of Arbitrum, said in a statement on Tuesday that Paxos has decided to bring its stablecoin issuance and regulated tokenization platform to Arbitrum.

Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries,” Walter Hessert, head of strategy at Paxos, said in a statement.